IRS Releases Second Quarter Update of the Priority Guidance Plan
March 17, 2020
On March 6, 2020, the IRS and the Treasury Department released a second quarter update to the 2019-2020 priority guidance plan (Plan). As background, the IRS and Treasury Department use this Plan to prioritize certain tax issues, some of which impact retirement benefits. Important to maintaining compliance, this guidance helps to clarify ambiguous areas of the tax law.
The 2019-2020 Plan introduced guidance projects for the fiscal year (July 1, 2019, through June 30, 2019). This update provides that 40 (of the 203) projects have been published or released during the second quarter – October 1, 2019, through December 31, 2019 – and includes employee retirement benefit items.
Some of the completed projects during the second quarter impacting employee retirement benefits include final regulations updating life expectancy and distribution period tables for required minimum distributions, as well as guidance on the timing of amendments to §403(b) plans, among other additional projects.
Employers should reference the Plan’s updates as it relates to administering retirement benefits.
2019-2020 Priority Guidance Plan – Second Quarter Update »